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NationTrending

Deadline for tax returns extended till Jun 30

by TLN Team March 24, 2020March 24, 2020
written by TLN Team March 24, 2020March 24, 2020
Deadline for tax returns extended till Jun 30

Finance Minister, Nirmala Sitharaman said that the deadline for the financial income tax returns for the year 2018-19 is shifted to June 30.
The previous deadline was March 31. Now it has been extended to June due to the outbreak of COVID-19.

She added that the interest rate for delayed payment has also been reduced from 12 % to 9%, while interests for delayed deposit of TDS have been reduced to 9% from 18%.

1) Income Tax

  1. A) Financial year 18-19 – Income tax return 30/06/2020
  2. B) delayed payment Interest rate -12% to 9% (F.Y.18-19)
  3. C) TDS – no extension but interest reduce by 18% to 9% – till 30/06/2020
  4. D) Notice, furnishing return, reports Demand and any compliance, including investments, Capital gain – due date extended to 30/06/2020
  5. E) Adhar pan linking – date extended 30/06/2020
  6. F) Vivad se Vishwas – extended 30/06/2020 ( No 10% additional charge)

2) GST

  1. A) March, April and May 2020 returns 3B, GSRT 1 and Composition return – last date is last week of june in a staggered manner
  2. B) Co less than 5cr turnover – No interest no late fees charge.
  3. C) Co more than 5cr – No late fee and penalty only interest – 9% charge
  4. D) Date opting Composition is -30/06/2020.

3) Customs & Excise –

  1. A) Sab ka Vishwas scheme – New due date – 30/06/2020 (No interest levied)
  2. B) Customs clearance – 24 x 7 time for clearance

4) MCA

  1. A) Delay for filing fees – No delay filing fees will be charged till 30/06/2020
  2. B) Board meeting – 60 days extension (Next 2 quarter)
  3. C) Company Orders 2020 – Supposed to be 19-20 shifted to F.Y. 20-21
  4. D) F.Y. 2019-20 Independent Director – Not hold any meeting – No any penalty or violation.

7) Bank Related –

  1. A) No charges on no- maintenance of minimum bank balance
  2. B) No charges on cash withdrawal from ATM via debit card of any bank for 3 months

As per announcements made by Finance Minister via video conferencing.

 

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